Countrywide Mortgage is the worst place to have a mortgage. My husband and I needed to refinance to pay off some debt - we went with a two year ARM with good intentions of being able to refinance within the two year time frame.
As with millions of other folks, we didn't forsee the future and demise of the housing market. We have been working with Countrywide since last October to start the refinance process. Only then did we realize they had put in a pre-payment penalty. We opted to hold off until the maturity date of the ARM to avoid the penalty, only to be told we no longer qualified for a loan due to our debt to income ratio. We now sit with a mortgage rate of 9.5%, with no option for modification because we are not late on our payments.
On top of this, the rate will adjust again in September. We want to stay in our house and could afford the payments if the interest rate could be reset to the original 6.5. We are stuck between a rock and a hard place.
I am going to be a thorn in the side of the mortgage officer who is now handling the account. How many more houses does Countrywide want to own due to Foreclosures? I would like to hear from others in this same predicament. The few of us left to fight need to take them on.
0 comments